Published: 2025-01-23T11:54:17.000Z
Chart EUR/CAD Update: Limited scope above 1.5000
Senior Technical Strategist
-
Choppy trade is drifting higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.5169 | ** | 4 Nov (m) high | S1 | 1.4900 | ** | break level | |
| R3 | 1.5100 | * | congestion | S2 | 1.4800 | * | congestion | |
| R2 | 1.5060 | ** | 18 Dec (m) high | S3 | 1.4700 | * | congestion | |
| R1 | 1.5000 | ** | congestion | S4 | 1.4685~ | * | 13 Jan YTD low |
Asterisk denotes strength
11:20 GMT - Choppy trade is drifting higher, with immediate focus on congestion resistance at 1.5000. Intraday studies are improving and the daily Tension Indicator continues to rise, highlighting potential for a test above here. However, overbought daily stochastics are flattening and broader weekly charts are mixed, suggesting potential for renewed selling interest towards the 1.5060 monthly high of 18 December. Meanwhile, support remains down to 1.4900 and should underpin any immediate setbacks.